all dollar figures in US dollars, unless otherwise indicated

Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to report its first quarter 2020 summary financial and operating results. The Company’s unaudited condensed consolidated interim financial statements and related management’s discussion and analysis for the three months ended March 31, 2020 will be available for download shortly on SEDAR, on EDGAR and on the Company’s website. The Company will host a conference call and webcast today commencing at 2:00 pm Vancouver time to discuss the Company’s business strategy and objectives, first quarter results and activities underway at the Company’s projects. Further details are provided at the end of this news release.

“Equinox Gold had a strong first quarter bolstered by production from our newly acquired assets and achieved record gold production and record earnings from mine operations, despite navigating challenges related to the COVID-19 pandemic,” said Christian Milau, Chief Executive Officer. “With more than $350 million of cash on hand, Equinox Gold is in a strong financial position and fully funded for its organic growth plans. Castle Mountain Phase 1 construction is 75% complete, the Los Filos expansion and Santa Luz restart projects are expected to significantly increase production over the course of 2021 and 2022 and we recently completed a positive preliminary economic assessment for development of an underground mine at Aurizona. While the temporary suspension of mining activities at our Los Filos mine in Mexico will affect Q2 production, our other mines have experienced only minimal COVID-19 disruption to date. We remain focused on achieving our growth objectives while continuing to maintain appropriate operational and safety procedures to help protect the health and economic wellbeing of our workforce and local communities.”

HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2020(1)

Operational and financial
•Proactive response to COVID-19 global pandemic
•Completed 3.5 million work hours with three lost-time injuries across all sites
•Produced 88,951 ounces (“oz”) of gold and sold 82,629 oz of gold (excluding Leagold production prior to the merger close on March 10, 2020)
•Revenue of $130.0 million
•Mine cash costs of $849/oz(2) and all-in-sustaining costs (“AISC”) of $968/oz(2,3)
•EBITDA of $65.3 million(2) and adjusted EBITDA of $49.5 million(2,4)
•Earnings from mine operations of $43.2 million
•Net income of $10.9 million or $0.08 per share
•Adjusted net income of $17.1 million(2,4) or $0.12 per share
•Cash flow from operations before changes in working capital of $23.2 million
•Cash and cash equivalents (unrestricted) of $303.1 million (more than $350 million at May 14, 2020)

Corporate
•Completed at-market merger with Leagold and concurrent $670 million financing package that included: ?$500 million senior credit facilities ($100 million amortizing loan, $400 million revolving credit facility)
?$130 million convertible notes issued to Mubadala Investment Company
?$40 million equity investment

•Added to the GDXJ (VanEck Vectors Junior Gold Miners ETF) on March 20, 2020
•Drew the remaining $180 million from the revolving credit facility as a COVID-19 proactive measure
•Issued 2020 guidance (excluding potential impact of COVID-19) ?Production of 540,000 to 600,000 ounces of gold(5)
?AISC of $1,000 to $1,060 per oz of gold sold(2)
?Sustaining capital of $88 million and expansion capital of $143 million(5)
?Guidance to be updated when practical


Construction and development
Castle Mountain
•Phase 1 construction 75% complete with first gold pour expected in Q3 2020
•Phase 2 feasibility study ongoing with planned completion in late 2020

Los Filos expansion
•Guadalupe open pit and Bermejal underground development activities continued during the quarter but were suspended at the beginning of April in compliance with Mexican COVID-19 restrictions; first ore anticipated in early 2021
•Updating study on new carbon-in-leach plant to incorporate several optimization opportunities to prepare for a project construction decision later this year

Santa Luz restart
•Commenced an update and review of costs and engineering for the resin-in-leach plant to prepare for a project construction decision later this year

RECENT 2020 HIGHLIGHTS
•Added to the GDX (VanEck Vectors Gold Miners ETF) on April 17, 2020
•Received approximately $12.1 million from the issuance of convertible notes and common shares related to a shareholder’s anti-dilution right
•Received approximately $48.0 million from warrant exercises and issued 9.0 million common shares
•Completed a positive preliminary economic assessment (“PEA”) for potential development of an underground mine at Aurizona that could be operated concurrently with the existing open-pit mine, demonstrating potential for both mine life extension and increased annual gold production(6)
•Completed updated reserve and resource estimates for Aurizona and Mesquite
•Los Filos preparing to safely resume operations following the Mexico Federal Government declaration on May 14, 2020 that mining is an essential activity

____________________
1.The operational and financial results of the assets acquired in the merger with Leagold are included from March 10, 2020 onward.
2.Mine cash cost per oz sold, AISC per oz sold, EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted EBITDA, adjusted net income, and adjusted earnings per share are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
3.Consolidated AISC per oz sold excludes corporate general and administration expenses.
4.Primary adjustments were a $10.1 million non-cash gain on change in fair value of warrants and a $22.8 million unrealized gain on gold contracts inherited from Leagold, offset by an $18.3 million unrealized loss on foreign exchange contracts and $6.9 million in expected credit losses recognized in the period. The Company also recorded a $22.1 million unrealized foreign exchange loss in deferred tax expense that affected net income.
5.Guidance for the Los Filos, Fazenda, RDM, Pilar and Santa Luz assets acquired in the merger with Leagold reflects expectations for the period commencing March 10, 2020, the closing date of the merger.
6.The Aurizona PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the results contemplated in the preliminary economic assessment will be realized.

MANAGING COVID-19

Equinox Gold took early precautionary measures at its mine sites and offices to proactively manage issues related to the COVID-19 pandemic. Each of the Company’s operations has implemented preventive measures in collaboration with the Company’s employees, contractors, local communities and governments to help ensure the health, safety and economic wellbeing of the Company’s workforce and local communities. The Company has also evaluated supply chain and other risks at each operation and implemented business continuity protocols so the mines can operate as effectively as possible. The Company’s operations have experienced limited disruption to date, with the exception of the Company’s Los Filos mine in Mexico at which mining and development activities were suspended at the beginning of April in compliance with a Mexico Federal Government order requiring the temporary suspension of all non-essential businesses. On May 14th the Mexico Federal Government declared mining an essential activity and allowed for the restart of operations on June 1st. The Company is preparing to safely resume operations.

Additional information regarding Equinox Gold’s COVID-19 response plan, preventive measures taken to date and the potential impact on operations is available in the Q1 2020 management’s discussion and analysis and on the Company’s website at www.equinoxgold.com.

The Company drew the remaining $180 million from its $400 million revolving credit facility in late March as a proactive measure given the uncertainty of the potential effects of the COVID-19 pandemic on the Company’s operations. There are no current plans to spend these funds and Equinox Gold remains in a strong financial position with more than $350 million in cash and cash equivalents (unrestricted) at the date of this news release.

OPERATING AND FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2020
Three months ended
Operating data Unit March 31, 2020(1) December 31, 2019 September 30, 2019
Gold produced oz 88,951 80,176 62,656
Gold sold oz 82,629 80,330 62,379
Realized gold price $/oz 1,574 1,482 1,473
AISC per oz sold(2,3) $/oz 968 848 953
Financial data
Revenue M$ 130.0 119.0 91.9
Earnings from mine operations M$ 43.2 38.5 30.8
Net income (loss) M$ 10.9 (8.5) 8.1
Adjusted EBITDA(3) M$ 49.5 47.9 38.2
Adjusted net income(3) M$ 17.1 20.9 18.2
Adjusted net income per share(3) $/share 0.12 0.18 0.16
Balance sheet and cash flow data
Cash and cash equivalents (unrestricted) M$ 303.1 67.7 45.5
Operating cash flow before changes in working capital M$ 23.2 38.9 37.6
1.Q1 2019 results are not presented as they are not readily comparable. During Q1 2019, the Company had only the Mesquite mine in operation. During Q1 2020, the Company had the Mesquite and Aurizona mines in operation and, on March 10, 2020, added four additional operating mines acquired through the merger with Leagold.
2.Consolidated AISC per oz sold excludes corporate general and administration expenses.
3.AISC per oz sold, adjusted EBITDA, adjusted net income and adjusted EPS are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

SELECTED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2020
$ amounts in millions, except per share amounts Three months ended
March 31, 2020 December 31, 2019 March 31, 2019(1)
Revenue $ 130.0 $ 119.0 $ 35.4
Operating expenses (69.6) (61.0) (24.1)
Depreciation and depletion (17.2) (19.4) (4.2)
Earnings from mine operations 43.2 38.5 7.1
Exploration (2.6) (1.7) (2.9)
General and administration (6.6) (9.9) (3.1)
Income from operations 33.9 26.9 1.0
Other income (expense) 7.4 (32.6) (7.3)
Net income (loss) before taxes 41.3 (5.7) (6.3)
Tax expense (30.4) (2.8) (2.0)
Net income (loss) and comprehensive income (loss) 10.9 (8.5) (8.3)
Net income (loss) per share attributable to Equinox Gold shareholders, basic and diluted $ 0.08 $ (0.08) $ (0.07)
1.During Q1 2019, the Company had only the Mesquite mine in operation. During Q1 2020, the Company had the Mesquite and Aurizona mines in operation and, on March 10, 2020, added four additional operating mines acquired through the merger with Leagold. As a result, comparisons of Q1 2020 to the same period in the prior year are not meaningful.

Additional information regarding the Company’s financial results and activities underway at the Company’s projects are available in the Company’s Q1 2020 Financial Statements and accompanying management’s discussion and analysis for the three months ended March 31, 2020, which will be available for download shortly on the Company’s website at www.equinoxgold.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.

CONFERENCE CALL AND WEBCAST
Equinox Gold will host a conference call and webcast on May 15 commencing at 2:00 pm Vancouver time to discuss the Company’s business strategy and objectives, first quarter results and activities underway at the Company’s projects. All participants will have the opportunity to ask questions of Equinox Gold’s Chairman, CEO and executive team. The webcast will be archived on Equinox Gold’s website until August 15, 2020.

Corporate update commencing at 2:00 pm Vancouver time
Conference call Toll-free in U.S. and Canada: 1-800-319-4610
International callers: +1 604-638-5340
Webcast www.equinoxgold.com

Equinox Gold Announces Results from Annual General Meeting ?
May 15, 2020
Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce that Equinox Gold shareholders approved all matters voted on at the annual general meeting held earlier today including the election of management’s nominees as directors, the appointment of KPMG LLP as the Company’s independent auditor, and acceptance of the Company’s approach to executive compensation (“say on pay”). Each of the matters voted on at the meeting are described in detail in the Company’s Management Information Circular dated March 30, 2020, which is available on the Company’s website at www.equinoxgold.com. A total of 102,495,116 common shares were represented at the meeting, being 47.44% of the Company’s issued and outstanding common shares.

Number of Directors

Resolution Votes For Votes Against
Set the number of directors of the Company at ten 84,616,664 (99.77%) 193,525 (0.23%)

Election of Directors
Director Nominee Votes For Votes Withheld
Mr. Ross Beaty – Chairman 80,001,270 (94.33%) 4,808,920 (5.67%)
Mr. Neil Woodyer – Vice Chairman 74,607,943 (87.97%) 10,202,247 (12.03%)
Ms. Maryse Bélanger 84,336,401 (99.44%) 473,789 (0.56%)
Mr. Lenard Boggio 79,750,176 (94.03%) 5,060,014 (5.97%)
Mr. Tim Breen 74,777,649 (88.17%) 10,032,541 (11.83%)
Mr. Gordon Campbell 84,403,405 (99.52%) 406,785 (0.48%)
Gen. Wesley Clark 84,248,166 (99.34%) 562,023 (0.66%)
Mr. Marshall Koval 74,765,242 (88.16%) 10,044,947 (11.84%)
Mr. Peter Marrone 82,523,171 (97.30%) 2,287,019 (2.70%)
Mr. Christian Milau 79,911,059 (94.22%) 4,899,131 (5.78%)

Appointment of Independent Auditors

Resolution Votes For Votes Withheld
Re-appointment of KPMG LLP as auditors of the Company for the ensuing year, and authorizing the Board to set the auditors’ pay 97,407,406 (95.04%) 5,087,710 (4.96%)

Say on Pay Advisory Vote
Resolution Votes For Votes Against
A non-binding advisory resolution approving the Company’s approach to executive compensation 82,897,823 (97.75%) 1,912,366 (2.25%)